A statue is pictured next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany, September 30, 2016.
Kai Pfaffenbach | Reuter
Deutsche Bank on Thursday reported its 10th straight quarter of profit, receiving a boost from higher interest rates and favorable market conditions.
Deutsche Bank reported a 1.8 billion euro ($1.98 billion) net profit for the fourth quarter, bringing its annual net income for 2022 to 5 billion euros.
The German lender almost doubled a consensus estimate among analysts polled by Reuters of 910.93 million euros for the fourth quarter, and exceeded a projection of 4.29 billion euros on the year.
In 2019, Deutsche Bank launched a sweeping restructuring plan to reduce costs and improve profitability, which involved exiting its global equities sales and trading operations, scaling back its investment banking and slashing around 18,000 jobs by the end of 2022.
The annual result marks a significant improvement from the 1.9 billion euros reported in 2021, and CEO Christian Sewing said the the bank had been “successfully transformed” over the last three and a half years.
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Source: https://www.cnbc.com/2023/02/02/deutsche-bank-smashes-profit-expectations-in-fourth-quarter-as-higher-interest-rates-bolster-revenue.html